The Panther Valley school board is still gathering information about a project which is promised to save the district $1.2 million in energy costs over the next 20 years.

During a special meeting Monday night, the board hosted the contractor for the guaranteed energy savings project, as well as its financial adviser to discuss ways to pay for the project.

A representative from McClure Corporation said that the project will cost roughly $1.5 million, and save the district $1.2 million over 20 years.

Alyssa Wingenfield, a McClure sales executive, said that if Panther Valley agrees to go ahead with the project, McClure would financially guarantee the project cost, as well as the savings it would generate.

“The biggest opportunity to improve efficiency is at the high school, but at all the buildings there is room to improve efficiency and dollars,” Wingenfield said.

The project proposal has been narrowed to include LED lights, building insulation, upgraded boiler controls and upgraded HVAC systems.

McClure Corporation also looked at repairing the roof of Panther Valley Elementary School at the board’s recommendation. Wingenfield said the contractor recommended replacing it instead, and did not include the cost in the project estimate.

Panther Valley administrators have proposed refinancing the district’s existing bonds to pay the upfront $1.5 million cost.

Jamie Doyle of PFM Financial Advisors presented figures for the bond refinancing Monday night.

She said the district can take advantage of current historically low long-term interest rates

The proposed bond refinancing would extend the district’s current debt payments two years, through 2034. But it would give the district more cash in the short- term, lowering the annual payments for the 2021-22 school year by $500,000, and the 2022-23 school year by $1 million.

Wingenfield said the district has a short window to decide if they want to complete the projects in time for the 2021-22 school year.

McClure is also working on a proposal to add a solar energy facility on property owned by the district. Wingenfield said those plans will be presented at a later date.